Kaspi.kz runs a single app that people use to pay, shop, and borrow money, and its shopping and financial services are helping it grow while staying profitable. The big question is whether it can keep that momentum as it expands beyond Kazakhstan and navigates rules and economic swings that could slow it down.Read more
Kaspi.kz has built an all-in-one app for shopping and payments, but its plans to grow could get squeezed by rising cyber threats, tougher rules, and stronger rivals. With so much of the business tied to Kazakhstan and big bets on new countries, the next few years may come down to whether expansion pays off or adds new risks.Read more
Key Takeaways Expanding digital ecosystem and super-app engagement are driving cross-selling, increased user integration, and sustained long-term revenue growth. Innovation, successful international entry, and new financial products are enabling recovery from disruptions and supporting future earnings diversification.Read more
Key Takeaways Kaspi's superapp ecosystem and rapid multi-vertical expansion position it to outperform in Turkey and Central Asia, boosting revenue, margins, and user growth. Accelerating adoption of Kaspi payment solutions and strong logistics capabilities offer significant upside in transaction volumes and high-margin growth across new sectors.Read more
Joint Stock Company Kaspi.kz, together with its subsidiaries, provides payments, marketplace, and fintech solutions for consumers and merchants in Kazakhstan, Azerbaijan, and Ukraine. The company operates through three segments: Payments, Marketplace, and Fintech. The Payments segment offers a platform that facilities transactions between and among merchants and consumers. This segment provides ways for consumers to pay for shopping transactions and regular household bills, as well as make peer to peer payments; and enables merchants to accept payment online and in store, issue and settle invoices, pay suppliers, and monitor merchant turnover. It also offers proprietary data, which facilitates informed decision-making across multiple areas of business. Its Marketplace Platform segment connects both online and offline merchants with consumers, enabling merchants to increase sales through an omnichannel strategy and allowing consumers to purchase products and services from various merchants. This segment operates marketplaces through m-commerce, a mobile solution for shopping in person; e-Commerce, which allows consumers to shop anywhere and anytime with free delivery; and Kaspi Travel that allows consumers to book domestic and international flights, domestic rail tickets, and international package holidays. It also enhances merchants’ sales by connecting payments and fintech products, Kapsi advertising, and other delivery services. The Fintech Platform segment provides consumers with buy-now-pay-later, finance and savings products, and merchants with merchant finance services. It also involved in the banking; distressed asset management; real estate business; payment processing; online travel; e-grocery; classifieds; and storage and processing of information services. Joint Stock Company Kaspi.kz was incorporated in 2008 and is headquartered in Almaty, the Republic of Kazakhstan.
